TORONTO, May 25, 2006 (PRIMEZONE) -- Wireless Age Communications, Inc. (OTCBB:WLSA), a leading supplier of solutions to the Canadian wireless industry, today provided an update on its activity in securing mobile wireless broadband contracts.
Glenn Poulos, President of the mmwave business unit stated, "We've been very successful targeting the province of Quebec, Canada for mobile broadband business. We recently were awarded a contract with a local Quebec police force. The project is fairly unique in Canada as it involves delivery of data at extremely high rates of speed to moving police vehicles. We were also awarded a contract by a local school board to provide a point to point broadband system in their school system. Although recent success has been achieved in Quebec, we have been awarded contracts in other markets as well. In Toronto, we were contracted to link several campus locations for George Brown College using very high frequency links, in the 60GHz band. Together these projects represent over US$320,000, and we continue to negotiate other contracts in several regions of the country which I hope to be in a position to announce in the near future. This is in addition to the project activity we have under way at present, which represents over $2 Million in 2006 billings."
CHAIRMAN COMMENTS ON STOCK PRICE
Brad Poulos, Chairman, President and CEO of Wireless Age Communications Inc., commented on the recent stock price of WLSA, "I disagree with the way the market is valuing our company today. Our company is trading at around one quarter's worth of sales. This is astounding for a company that is growing its revenues, reducing overheads, and expecting profitability in this fiscal year. In the estimation of management, our retail business alone is worth twice our market capitalization. The mmwave business unit will be our fastest growing unit this year and is expected to be at least as profitable. In the near future, we hope to be announcing a series of contracts that will bear this out."
For all Wireless Age investor relations needs, investors are asked to visit the Wireless Age IR Hub at http://www.agoracom.com/IR/WirelessAge where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to WLSA@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
About Wireless Age Communications Inc.
Wireless Age's operations are segregated into two distinct segments, Retail and Commercial.
Retail:
Wireless Age retail outlets sell next generation wireless products and services to business and individual end users in Saskatchewan and Manitoba.
Commercial:
Within the Commercial segment, mmwave does specialty distribution and network engineering and integration, for carriers and manufacturers of communications equipment in Canada. Wireless Source distributes prepaid phone cards, wireless accessories, land mobile radios, batteries and ancillary electronics products to dealers throughout North America. Wireless Works operates broadband public access and private networks in Southern Ontario, and develops and deploys consumer and commercial products for those networks.
The company is a recognized leader in the wireless industry in Canada and is a member of the WiMax forum, as well as a very active member of the Canadian Wireless Telecommunications Association.
This press release contains "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain. Wireless Age Communications, Inc. cannot provide assurances that the matters described in this press release will be successfully completed or that the company will realize the anticipated benefits of any transaction. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to: global economic and market conditions; the war on terrorism and the potential for war or other hostilities in other parts of the world; the availability of financing and lines of credit; successful integration of acquired or merged businesses; changes in interest rates; management's ability to forecast revenues and control expenses, especially on a quarterly basis; unexpected decline in revenues without a corresponding and timely slowdown in expense growth; the company's ability to retain key management and employees; intense competition and the company's ability to meet demand at competitive prices and to continue to introduce new products and new versions of existing products that keep pace with technological developments, satisfy increasingly sophisticated customer requirements and achieve market acceptance; relationships with significant suppliers and customers; as well as other risks and uncertainties, including but not limited to those detailed from time to time in Wireless Age Communications, Inc. SEC filings. Wireless Age Communications, Inc. undertakes no obligation to update information contained in this release. For further information regarding risks and uncertainties associated with Wireless Age Communications, Inc.'s business, please refer to the risks and uncertainties detailed from time to time in Wireless Age Communications, Inc.'s SEC filings.